At the end of 2023, Monty Corporation owns a licence with a remaining life of 10 years and a carrying amount of $15.000 Marty expects undiscounted future cash flows from this licence to total $519.000. The licence's fair value is $410.500 and disposal costs are estimated to be nil. The licence's discounted cash flows that is, value in use) are estimated to be $460.700 Monty prepares facial statements in accordance with ASPE Determine if the licence is impaired at the end of 2023 The licence at the end of 2023 Prepare any related entry that is necessary. (Credit account titles are outomatically indented when the amount is entered Do not indent manually. If no entry is required select "No Entry for the account titles and enter O for the amounts List debit entry before credit entricl Account Titles and Explanation Debit Credit
At the end of 2023, Monty Corporation owns a licence with a remaining life of 10 years and a carrying amount of $15.000 Marty expects undiscounted future cash flows from this licence to total $519.000. The licence's fair value is $410.500 and disposal costs are estimated to be nil. The licence's discounted cash flows that is, value in use) are estimated to be $460.700 Monty prepares facial statements in accordance with ASPE Determine if the licence is impaired at the end of 2023 The licence at the end of 2023 Prepare any related entry that is necessary. (Credit account titles are outomatically indented when the amount is entered Do not indent manually. If no entry is required select "No Entry for the account titles and enter O for the amounts List debit entry before credit entricl Account Titles and Explanation Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 11P
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